Axxcess Wealth Management LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Axxcess Wealth Management LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,943 shares of the semiconductor manufacturer's stock after purchasing an additional 8,999 shares during the quarter. Broadcom comprises approximately 0.8% of Axxcess Wealth Management LLC's portfolio, making the stock its 25th biggest holding. Axxcess Wealth Management LLC's holdings in Broadcom were worth $31,970,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Norges Bank purchased a new position in shares of Broadcom in the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC increased its holdings in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent analyst reports. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho raised their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Finally, KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $285.00.

Broadcom Trading Up 2.2%

AVGO stock traded up $6.10 during mid-day trading on Wednesday, hitting $277.90. 20,105,827 shares of the company were exchanged, compared to its average volume of 28,408,625. The business has a fifty day simple moving average of $242.02 and a 200-day simple moving average of $217.92. The firm has a market capitalization of $1.31 trillion, a P/E ratio of 104.08, a PEG ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $279.37. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the company posted $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.